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"Moving The Goalposts": BofA Downgrades Nike, Slashes Target As Turnaround Story Delayed
"Moving The Goalposts": BofA Downgrades Nike, Slashes Target As Turnaround Story Delayed
Nike shares fell 2% in New York premarket trading after BofA retail analyst Lorraine Hutchinson downgraded the world's largest athletic footwear and apparel company, warning that its "turnaround is taking longer" than expected. With shares trading at 2014 levels, the downgrade adds new woes to a recovery story that might not materialize until 2028.
In the report published earlier today, titled "Moving the goalposts," Hutchinson downgraded Nike to "Underperform" from "Neutral" and cut her price target to $30...
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US Existing Home Sales Bounced In February As Mortgage Rates Tumbled
US Existing Home Sales Bounced In February As Mortgage Rates Tumbled
Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming 'below-normal temperatures' despite The West suffering the biggest declines (and unaffected by the winter storms).
Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January's 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop...
Source: Bloomberg
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